Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted net earnings per share (dollars and shares in millions, except per share amounts):

	Year Ended December 31,
	2011						2010						2009
	Net Income		Weighted-Average Shares Outstanding	Net Income Per Common Share			Net Income		Weighted-Average Shares Outstanding	Net Income Per Common Share			Net Income		Weighted-Average Shares Outstanding	Net Income Per Common Share
Basic EPS	$	26.2	11.4	$	2.30		$	17.7	10.8	$	1.64		$	47.3	10.5	$	4.53
Effect of dilutive
common share
equivalents:
Unvested restricted
stock units			—	(0.01		)			0.1	(0.01		)			—	(0.02		)
Stock options			0.1	(0.02		)			0.2	(0.03		)			0.2	(0.07		)
Warrants			0.2	(0.04		)			0.3	(0.05		)			0.2	(0.08		)
Performance shares			—	—					—	—					—	(0.01		)
Diluted EPS	$	26.2	11.7	$	2.23		$	17.7	11.4	$	1.55		$	47.3	10.9	$	4.35

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Note: Basic and diluted earnings per share are calculated based on unrounded actual amounts.

Certain options to purchase common stock were outstanding but were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. For 2011, 2010 and 2009 there were 91,770, 104,020 and 259,777 anti-dilutive options, respectively. There were no anti-dilutive warrants in 2011, 2010 or 2009.

In 2004, we issued an aggregate of 9,800,000 shares of our common stock and warrants to purchase an aggregate of 990,616 shares of our common stock to the Class 6(B) creditors of Fleming (our former parent company) pursuant to its plan of reorganization. We refer to the warrants we issued to the Class 6(B) creditors as the Class 6(B) warrants. We received no cash consideration at the time we issued the Class 6(B) warrants. The Class 6(B) warrants had an exercise price of $20.93 per share. The shares of common stock and the Class 6(B) warrants were issued pursuant to an exemption from registration under Section 1145(a) of the Bankruptcy Code. We also issued warrants to purchase an aggregate of 247,654 shares of our common stock to the holders of our Tranche B Notes, which we refer to as Tranche B warrants. The Tranche B warrants had an exercise price of $15.50 per share.

Both the Class 6(B) and Tranche B warrants expired August 23, 2011, at which time any outstanding warrants were net issued in an automatic cashless exercise in accordance with their terms. As of December 31, 2011, (a) all 990,616 Class 6(B) warrants originally issued have been exercised resulting in a cumulative net issuance of 550,873 shares of common stock, and (b) all 247,654 Tranche B warrants originally issued have been exercised resulting in a cumulative net issuance of 145,512 shares of common stock. Combined, a total of 696,385 shares have been net issued upon cash and cashless exercises of the Company's warrants and no Class 6(B) warrants or Tranche B warrants remain outstanding. The number of Class 6(B) warrants outstanding at the end of 2010 was 705,894 and 952,806 at the end of 2009. The number of Tranche B warrants outstanding was 126,716 at the end of 2010 and 2009. The Class 6(B) warrants and the Tranche B warrants had been classified as permanent equity. We use the treasury stock method to determine the shares of common stock due to conversion of outstanding warrants.